. 5. FFF Company has accepted a project of constructing a 20-storey condominium in BGC at a fixed price contract of P60,000,000. The project is expected to be completed in three years. The details of the costs incurred in the 1st year are: Cost of labor in the site - P2,500,000 Cost of construction materials, including P500,000 of special materials to be used in Year 2-P12,000,000 Depreciation of construction equipment and other overhead in the site - P2,800,000 Depreciation of idle construction equipment - P900,000 Paid and incurred rectification work - P260,000 Miscellaneous expenses incurred by brokers and sales agents in pre-selling the units - P1,500,000 Total estimated costs at completion - P48,000,000 Determine the following: a. Contract revenue b. Cost of revenue c. Gross profit (loss) to be recognized